1st Semester Economic Notes Kashmir University Free pdf

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UNIT-I INTRODUCTION 

 a. Problem of scarcity and choice: scarcity, choice and opportunity cost; production possibility frontier; economic systems. b. Demand and supply: law of demand, determinants of demand, shifts of demand versus movements along a demand curve, market demand, law of supply, determinants of supply, shifts of supply versus movements along a supply curve, market supply, and Market equilibrium. c. Applications of demand and supply: consumer Surplus, producer surplus. d. Elasticity of demand: price, income and cross, degrees of elasticity, determinants of price elasticity. 

 UNIT-II CONSUMER THEORY Utility-concept, diminishing marginal utility, consumer choice: indifference curves, properties, Budget Constraint, Consumer’s equilibrium, derivation of demand curve from indifference curve and budget constraint. 

 UNIT-III PRODUCTION AND COSTS a. Production functions- properties; law of variable proportions, returns to scale, isoquant and isocost lines, cost minimizing equilibrium condition –single product firm. b. Costs: costs in the short run, costs in the long run, revenue-concept and relation, revenue and profit maximization, minimizing loses, economies and diseconomies of scale 

 UNIT-IV PERFECT COMPETITION Assumptions: theory of a firm under perfect competition, demand and revenue; equilibrium of the firm in the short run and long run; long run industry supply curve: increasing, decreasing and constant cost industries.

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